The long termed Ponzi schema called BitConnect finally went down today.
Bitconnect issued a token and despite obvious red flags, it soared. Now, it's all coming crashing down.
It was hit with cease-and-desist notices from US state regulators for promising +100% annual returns.
The company behind it is very sneaky at returning your money back. Instead of giving you back with either US Dollar or Bitcoin (BTC), it converts your USD into 5 day average BitConnect token price at 363.62 USD. With the schema bursts and bitConnect token lost 80% of value, the investors will lose 80% of their money, let alone the fact that their exchange is down, you can not even sell at 80% discount price.
What a ponzi scheme. Shame on you, BitConnect!
In the thows of great beatings today, I finally laughed.... We all knew it was a matter if time bitconnect would go down. My wounds will heal, those in bitconnect won't. Sorry to all who got fooled...
I just hate to see all these illegal stuff in cryptocurrency world.
Oh I agree, but if youtube would pull it down none of this would happen. I BLAME YOUTUBE.